<p>Everpure, Inc. ((P)) 已召開其第一季度財報電話會議。以下是會議的主要亮點。</p>
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<p>Everpure, Inc. 最新的財報電話會議傳達了樂觀的基調，強勁的營收和利潤增長與市場份額的明顯提升和持續收入的擴展相結合。管理層在樂觀的同時對內存和 NAND 成本的前所未有的激增表示謹慎，這對利潤率造成壓力，並使需求的可見性變得複雜，儘管執行表現強勁。</p>
<h2>強勁的營收增長和上調的收入展望</h2>
<p>Everpure 在本季度開局時實現了同比 35% 的收入增長，得益於產品、服務和地區的廣泛強勁表現。管理層將全年收入指引上調至 44.1 億至 45.1 億美元的區間，意味着中間值約 22% 的增長，並較之前的展望上調了 300 個基點。</p>
<h2>運營利潤激增和利潤率擴張</h2>
<p>盈利能力大幅超越銷售，運營利潤同比激增超過 90% 達到 1.59 億美元，推動運營利潤率達到 15.1%。對於 2027 財年，Everpure 現在預計運營利潤在 8.2 億至 8.6 億美元之間，意味着中間值約 32% 的增長，並較早期指引改善超過 600 個基點。</p>
<h2>產品和訂閲收入均表現出色</h2>
<p>產品收入表現突出，同比攀升 55% 達到 5.77 億美元，客户加快了對存儲平台的支出。訂閲服務收入增長 17% 達到 4.76 億美元，佔總銷售額的 45%，突顯了公司向更可預測、持續收入流轉型的持續努力。</p>
<h2>持續收入和積壓訂單支撐可見性</h2>
<p>年度持續收入同比增長 19% 超過 20 億美元，環比加速約 300 個基點，顯示出需求的增強。剩餘履約義務增長 41% 達到 38 億美元，反映出大型交易的成功執行和對 Evergreen 解決方案的強烈興趣。</p>
<h2>Evergreen//1 存儲即服務勢頭強勁</h2>
<p>Evergreen//1，即公司的存儲即服務產品，銷售同比增長 73%，突顯了客户對靈活消費模式的需求。存儲即服務的合同總價值達到 1.65 億美元，增長 73%，因為買家在組件價格波動的情況下更傾向於長期、混合成本的合同。</p>
<h2>超級規模產品收入和產品軌跡</h2>
<p>管理層重申，超級規模產品收入在 2027 財年下半段應顯著增長，依託現有客户的承諾。當這一業務規模擴大時，Everpure 預計超級規模產品的毛利率將落在極具吸引力的 75% 至 85% 範圍內，使其成為未來強勁的盈利驅動因素。</p>
<h2>客户贏得和市場份額增長</h2>
<p>公司在本季度新增 275 個客户和 223 個新商業標識，擴大了在企業中的覆蓋面。財富 500 強公司的滲透率上升至 64%，得益於加速的競爭勝率和超過 500 萬美元的大型交易的高雙位數增長。</p>
<h2>資產負債表強勁和現金生成</h2>
<p>Everpure 強調其財務靈活性，資產負債表上擁有超過 15 億美元的現金和投資。運營現金流達到 1.8 億美元，自由現金流為 1.12 億美元，支持回購約 130 萬股，耗資約 8400 萬美元，同時留有約 1.45 億美元用於未來的回購。</p>
<h2>供應鏈衝擊和組件成本通脹</h2>
<p>Everpure 增長故事的另一面是行業範圍內的供應緊縮，導致內存和 NAND 成本急劇上升。管理層將現貨價格的上漲描述為前所未有，複雜了採購和定價決策，並增加了對利潤率和當前需求水平持久性的風險。</p>
<h2>產品收入的短期利潤壓力</h2>
<p>產品毛利率為 65.5%，在長期目標區間 65% 至 70% 內，但環比下降約 180 個基點，因為更高的組件價格超過了定價措施。公司預計下半年合同定價將逐步恢復，短期內產品毛利率將承受壓力。</p>
<h2>訂閲毛利波動被視為暫時</h2>
<p>訂閲服務的毛利率環比下降約 1.4 個百分點至 75.6%，主要是由於本季度 Evergreen//1 的產品組合變化。管理層將這一下降視為暫時，指出持續收入的基礎擴展和其訂閲基礎的結構性盈利能力。</p>
<h2>拉動和定價效應推高短期增長</h2>
<p>並非所有的 Everpure 頂線強勁都是純粹的有機需求，管理層估計大約三分之一的同比收入增長與更高的價格和客户拉動有關。買家急於在預期進一步上漲之前鎖定產能和價格，推動了第一季度的增長，但也為短期增長比較增加了噪音。</p>
<h2>超級規模收入有限和時機風險</h2>
<p>如預期，第一季度的超級規模產品收入微乎其微，使公司仍處於這一重要細分市場的預熱階段。由於大多數發貨推遲到下半年，投資者必須面對時機和可見性風險，儘管長期機會仍然可觀。</p>
<h2>更短的報價有效期反映定價波動</h2>
<p>內存和 NAND 價格的快速波動迫使 Everpure 將報價的有效期從 90 天縮短至僅 30 天。這一變化反映了市場變動的速度，併為試圖規劃採購的客户引入了額外的操作複雜性和不確定性。</p>
<h2>收購稀釋和整合成本</h2>
<p>最近完成的 OneTouch 收購將對短期盈利能力產生影響，管理層預測 2027 財年的運營利潤將稀釋約 1200 萬美元。公司預計在 24 個月內該交易將實現增益，因為成本協同和交叉銷售機會將得以實現，將其視為一項長期戰略舉措。</p>
<h2>下半年可見性和需求不確定性</h2>
<p>儘管第一季度勢頭強勁，Everpure 對下半年持謹慎態度，因為組件價格的持續上漲可能會持續到夏季。管理層強調對下半年需求和供應動態的可見性有限，並在展望中採取了保守的態度，以應對潛在的波動性。</p>
<h2>指引和前瞻性展望</h2>
<p>對於第二季度，Everpure 預計收入在 10 億美元到 11 億美元之間，運營利潤在 1.95 億美元到 2.05 億美元之間，分別意味着中點約 28% 和 54% 的增長。對於 2027 財年，公司現在預計收入在 44.1 億美元到 45.1 億美元之間，運營利潤在 8.2 億美元到 8.6 億美元之間，前半年的收入佔比更重，預計大部分超大規模客户的貢獻將在後半段實現。</p>
<p>Everpure 的財報電話會議描繪了一幅公司執行良好、贏得市場份額並建立經常性收入的圖景，即使供應驅動的成本衝擊使短期利潤前景變得模糊。對於投資者而言，這個故事展現了強勁的基本面勢頭和有前景的超大規模客户增長，但也受到暫時性利潤壓力和下半年需求及定價動態的不確定性影響。</p>

<p>Everpure, Inc. 在第一季度的財報電話會議中報告了強勁的業績，年同比收入增長 35%，將全年指導目標上調至 44.1 億至 45.1 億美元。營業利潤激增超過 90%，達到 1.59 億美元，利潤率為 15.1%。產品收入增長 55%，而訂閲服務增長 17%。儘管供應鏈緊張影響了利潤率，公司仍新增了 275 位客户，現金超過 15 億美元。管理層預計在 2027 財年下半年，超大規模產品收入將實現顯著增長</p>

<p>Everpure, Inc. ((P)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Everpure, Inc. ((P)) 已召開其第一季度財報電話會議。以下是會議的主要亮點。</p>
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</div><p>Everpure, Inc.’s latest earnings call struck an upbeat tone, pairing powerful top-line and profit growth with clear signs of market-share gains and expanding recurring revenue. Management balanced this optimism with caution around an unprecedented spike in memory and NAND costs, which is pressuring margins and complicating demand visibility despite strong execution.</p>
<div class="lb-trans"><p>Everpure, Inc. 最新的財報電話會議傳達了樂觀的基調，強勁的營收和利潤增長與市場份額的明顯提升和持續收入的擴展相結合。管理層在樂觀的同時對內存和 NAND 成本的前所未有的激增表示謹慎，這對利潤率造成壓力，並使需求的可見性變得複雜，儘管執行表現強勁。</p>
</div><h2>Strong Top-Line Growth and Upgraded Revenue Outlook</h2>
<div class="lb-trans"><h2>強勁的營收增長和上調的收入展望</h2>
</div><p>Everpure opened the quarter with 35% year-over-year revenue growth, fueled by broad-based strength across products, services, and regions. Management lifted full-year revenue guidance to a range of $4.41 billion to $4.51 billion, implying about 22% growth at the midpoint and a 300-basis-point upgrade versus the prior outlook.</p>
<div class="lb-trans"><p>Everpure 在本季度開局時實現了同比 35% 的收入增長，得益於產品、服務和地區的廣泛強勁表現。管理層將全年收入指引上調至 44.1 億至 45.1 億美元的區間，意味着中間值約 22% 的增長，並較之前的展望上調了 300 個基點。</p>
</div><h2>Operating Profit Surge and Margin Expansion</h2>
<div class="lb-trans"><h2>運營利潤激增和利潤率擴張</h2>
</div><p>Profitability sharply outpaced sales as operating profit jumped more than 90% year over year to $159 million, driving a 15.1% operating margin. For fiscal 2027, Everpure now projects operating profit between $820 million and $860 million, implying roughly 32% growth at the midpoint and over 600 basis points of improvement vs. earlier guidance.</p>
<div class="lb-trans"><p>盈利能力大幅超越銷售，運營利潤同比激增超過 90% 達到 1.59 億美元，推動運營利潤率達到 15.1%。對於 2027 財年，Everpure 現在預計運營利潤在 8.2 億至 8.6 億美元之間，意味着中間值約 32% 的增長，並較早期指引改善超過 600 個基點。</p>
</div><h2>Product and Subscription Revenue Both Deliver</h2>
<div class="lb-trans"><h2>產品和訂閲收入均表現出色</h2>
</div><p>Product revenue was the standout, climbing 55% year over year to $577 million as customers accelerated spending on storage platforms. Subscription services revenue rose 17% to $476 million and represented 45% of total sales, underscoring the company’s ongoing shift toward more predictable, recurring revenue streams.</p>
<div class="lb-trans"><p>產品收入表現突出，同比攀升 55% 達到 5.77 億美元，客户加快了對存儲平台的支出。訂閲服務收入增長 17% 達到 4.76 億美元，佔總銷售額的 45%，突顯了公司向更可預測、持續收入流轉型的持續努力。</p>
</div><h2>Recurring Revenue and Backlog Underpin Visibility</h2>
<div class="lb-trans"><h2>持續收入和積壓訂單支撐可見性</h2>
</div><p>Annual recurring revenue increased 19% from a year ago to more than $2.0 billion, with a sequential acceleration of roughly 300 basis points signaling strengthening demand. Remaining performance obligations grew 41% to $3.8 billion, reflecting successful large-deal execution and strong interest in Evergreen-based solutions.</p>
<div class="lb-trans"><p>年度持續收入同比增長 19% 超過 20 億美元，環比加速約 300 個基點，顯示出需求的增強。剩餘履約義務增長 41% 達到 38 億美元，反映出大型交易的成功執行和對 Evergreen 解決方案的強烈興趣。</p>
</div><h2>Evergreen//1 Storage-as-a-Service Builds Momentum</h2>
<div class="lb-trans"><h2>Evergreen//1 存儲即服務勢頭強勁</h2>
</div><p>Evergreen//1, the company’s storage-as-a-service offering, saw sales rise 73% year over year, highlighting customer appetite for flexible consumption models. Total contract value for storage-as-a-service reached $165 million, up 73%, as buyers favored longer-term, blended-cost contracts amid volatile component pricing.</p>
<div class="lb-trans"><p>Evergreen//1，即公司的存儲即服務產品，銷售同比增長 73%，突顯了客户對靈活消費模式的需求。存儲即服務的合同總價值達到 1.65 億美元，增長 73%，因為買家在組件價格波動的情況下更傾向於長期、混合成本的合同。</p>
</div><h2>Hyperscaler Ramp and Product Trajectory</h2>
<div class="lb-trans"><h2>超級規模產品收入和產品軌跡</h2>
</div><p>Management reiterated that hyperscaler product revenue should ramp significantly in the back half of fiscal 2027, anchored by existing customer commitments. When this business scales, Everpure expects hyperscaler product gross margins to land in the highly attractive 75% to 85% range, positioning it as a powerful future earnings driver.</p>
<div class="lb-trans"><p>管理層重申，超級規模產品收入在 2027 財年下半段應顯著增長，依託現有客户的承諾。當這一業務規模擴大時，Everpure 預計超級規模產品的毛利率將落在極具吸引力的 75% 至 85% 範圍內，使其成為未來強勁的盈利驅動因素。</p>
</div><h2>Customer Wins and Market Share Gains</h2>
<div class="lb-trans"><h2>客户贏得和市場份額增長</h2>
</div><p>The company added 275 new customers and 223 fresh commercial logos during the quarter, expanding its reach across enterprises. Penetration among Fortune 500 companies rose to 64%, aided by accelerating competitive win rates and high double-digit growth in large deals above the $5 million threshold.</p>
<div class="lb-trans"><p>公司在本季度新增 275 個客户和 223 個新商業標識，擴大了在企業中的覆蓋面。財富 500 強公司的滲透率上升至 64%，得益於加速的競爭勝率和超過 500 萬美元的大型交易的高雙位數增長。</p>
</div><h2>Balance Sheet Strength and Cash Generation</h2>
<div class="lb-trans"><h2>資產負債表強勁和現金生成</h2>
</div><p>Everpure underscored its financial flexibility with more than $1.5 billion in cash and investments on the balance sheet. Operating cash flow reached $180 million and free cash flow was $112 million, supporting the repurchase of roughly 1.3 million shares for about $84 million while leaving around $145 million authorized for future buybacks.</p>
<div class="lb-trans"><p>Everpure 強調其財務靈活性，資產負債表上擁有超過 15 億美元的現金和投資。運營現金流達到 1.8 億美元，自由現金流為 1.12 億美元，支持回購約 130 萬股，耗資約 8400 萬美元，同時留有約 1.45 億美元用於未來的回購。</p>
</div><h2>Supply Chain Shock and Component Cost Inflation</h2>
<div class="lb-trans"><h2>供應鏈衝擊和組件成本通脹</h2>
</div><p>The flip side of Everpure’s growth story is an industry-wide supply crunch that has sent memory and NAND costs sharply higher. Management described spot price increases as unprecedented, complicating procurement and pricing decisions and adding risk to both margins and the durability of current demand levels.</p>
<div class="lb-trans"><p>Everpure 增長故事的另一面是行業範圍內的供應緊縮，導致內存和 NAND 成本急劇上升。管理層將現貨價格的上漲描述為前所未有，複雜了採購和定價決策，並增加了對利潤率和當前需求水平持久性的風險。</p>
</div><h2>Near-Term Margin Pressure on Product Revenue</h2>
<div class="lb-trans"><h2>產品收入的短期利潤壓力</h2>
</div><p>Product gross margin came in at 65.5%, within the long-term target band of 65% to 70% but down about 180 basis points sequentially as higher component prices outpaced pricing actions. The company expects only a gradual recovery in the second half as contract pricing catches up, leaving near-term product margins under pressure.</p>
<div class="lb-trans"><p>產品毛利率為 65.5%，在長期目標區間 65% 至 70% 內，但環比下降約 180 個基點，因為更高的組件價格超過了定價措施。公司預計下半年合同定價將逐步恢復，短期內產品毛利率將承受壓力。</p>
</div><h2>Subscription Margin Volatility Seen as Temporary</h2>
<div class="lb-trans"><h2>訂閲毛利波動被視為暫時</h2>
</div><p>Subscription services gross margin slipped by about 1.4 percentage points sequentially to 75.6%, largely due to a mix shift away from Evergreen//1 in the quarter. Management framed this downtick as transient, pointing to the underlying expansion of recurring revenue and the structural profitability of its subscription base.</p>
<div class="lb-trans"><p>訂閲服務的毛利率環比下降約 1.4 個百分點至 75.6%，主要是由於本季度 Evergreen//1 的產品組合變化。管理層將這一下降視為暫時，指出持續收入的基礎擴展和其訂閲基礎的結構性盈利能力。</p>
</div><h2>Pull-Ins and Pricing Effects Inflate Near-Term Growth</h2>
<div class="lb-trans"><h2>拉動和定價效應推高短期增長</h2>
</div><p>Not all of Everpure’s top-line strength is purely organic demand, with management estimating roughly one-third of year-over-year revenue growth was tied to higher prices and customer pull-ins. Buyers rushed to lock in capacity and pricing ahead of expected further increases, boosting Q1 but adding noise to near-term growth comparisons.</p>
<div class="lb-trans"><p>並非所有的 Everpure 頂線強勁都是純粹的有機需求，管理層估計大約三分之一的同比收入增長與更高的價格和客户拉動有關。買家急於在預期進一步上漲之前鎖定產能和價格，推動了第一季度的增長，但也為短期增長比較增加了噪音。</p>
</div><h2>Limited Hyperscaler Revenue and Timing Risk</h2>
<div class="lb-trans"><h2>超級規模收入有限和時機風險</h2>
</div><p>As anticipated, hyperscaler product revenue was minimal in the first quarter, leaving the company still in the pre-ramp phase for this important segment. With most shipments pushed into the back half of the year, investors must contend with timing and visibility risk even as the long-term opportunity remains sizable.</p>
<div class="lb-trans"><p>如預期，第一季度的超級規模產品收入微乎其微，使公司仍處於這一重要細分市場的預熱階段。由於大多數發貨推遲到下半年，投資者必須面對時機和可見性風險，儘管長期機會仍然可觀。</p>
</div><h2>Shorter Quote Windows Reflect Pricing Volatility</h2>
<div class="lb-trans"><h2>更短的報價有效期反映定價波動</h2>
</div><p>The rapid swing in memory and NAND prices forced Everpure to cut its pricing validity period on quotes from 90 days to just 30 days. This change speaks to the pace of market moves and introduces added operational complexity and uncertainty for customers trying to plan purchases.</p>
<div class="lb-trans"><p>內存和 NAND 價格的快速波動迫使 Everpure 將報價的有效期從 90 天縮短至僅 30 天。這一變化反映了市場變動的速度，併為試圖規劃採購的客户引入了額外的操作複雜性和不確定性。</p>
</div><h2>Acquisition Dilution and Integration Costs</h2>
<div class="lb-trans"><h2>收購稀釋和整合成本</h2>
</div><p>The recently closed OneTouch acquisition will weigh on near-term profitability, with management forecasting about $12 million of operating profit dilution in fiscal 2027. The company expects the deal to turn accretive within 24 months as cost synergies and cross-selling opportunities are realized, framing it as a longer-term strategic play.</p>
<div class="lb-trans"><p>最近完成的 OneTouch 收購將對短期盈利能力產生影響，管理層預測 2027 財年的運營利潤將稀釋約 1200 萬美元。公司預計在 24 個月內該交易將實現增益，因為成本協同和交叉銷售機會將得以實現，將其視為一項長期戰略舉措。</p>
</div><h2>Second-Half Visibility and Demand Uncertainty</h2>
<div class="lb-trans"><h2>下半年可見性和需求不確定性</h2>
</div><p>Despite strong first-quarter momentum, Everpure is cautious about the second half given continuing component price increases likely through the summer. Management highlighted limited visibility into H2 demand and supply dynamics and adopted a conservative posture in its outlook to account for potential volatility.</p>
<div class="lb-trans"><p>儘管第一季度勢頭強勁，Everpure 對下半年持謹慎態度，因為組件價格的持續上漲可能會持續到夏季。管理層強調對下半年需求和供應動態的可見性有限，並在展望中採取了保守的態度，以應對潛在的波動性。</p>
</div><h2>Guidance and Forward-Looking Outlook</h2>
<div class="lb-trans"><h2>指引和前瞻性展望</h2>
</div><p>For the second quarter, Everpure guided revenue to $1.0 billion to $1.1 billion and operating profit to $195 million to $205 million, implying about 28% and 54% growth at the respective midpoints. For fiscal 2027, it now expects $4.41 billion to $4.51 billion in revenue and $820 million to $860 million in operating profit, with a heavier 48% revenue weighting in the first half and most hyperscaler contributions slated for the back half.</p>
<div class="lb-trans"><p>對於第二季度，Everpure 預計收入在 10 億美元到 11 億美元之間，運營利潤在 1.95 億美元到 2.05 億美元之間，分別意味着中點約 28% 和 54% 的增長。對於 2027 財年，公司現在預計收入在 44.1 億美元到 45.1 億美元之間，運營利潤在 8.2 億美元到 8.6 億美元之間，前半年的收入佔比更重，預計大部分超大規模客户的貢獻將在後半段實現。</p>
</div><p>Everpure’s earnings call painted the picture of a company executing well, winning share, and building recurring revenue, even as supply-driven cost shocks cloud the near-term margin outlook. For investors, the story is one of strong fundamental momentum and a promising hyperscaler ramp, offset by transitory margin pressure and elevated uncertainty around second-half demand and pricing dynamics.</p>
<div class="lb-trans"><p>Everpure 的財報電話會議描繪了一幅公司執行良好、贏得市場份額並建立經常性收入的圖景，即使供應驅動的成本衝擊使短期利潤前景變得模糊。對於投資者而言，這個故事展現了強勁的基本面勢頭和有前景的超大規模客户增長，但也受到暫時性利潤壓力和下半年需求及定價動態的不確定性影響。</p>
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Everpure 公司在財報電話會議中透露出強勁的增長勢頭